Date	Chamber	Action
1/7/2025	Senate	Session Sine Die

Statutes Amended In Order of Appearance

New Act

310 ILCS 65/5

from Ch. 67 1/2, par. 1255

Synopsis As Introduced
Creates the Family Home Ownership Act. Imposes a tax on certain partnerships, corporations, limited liability companies, or real estate investment trusts that purchase single-family residences. Provides that the amount of the tax is equal to 100% of the fair market value of the residence. Provides that the proceeds of the tax shall be deposited into the Illinois Affordable Housing Trust Fund for the purpose of providing rental and mortgage payment assistance. Requires hedge funds and other applicable taxpayers to reduce the number of single-family residences owned by the hedge fund over a 10-year period. Provides that, 10 years after the effective date of the Act, hedge funds may not own any applicable single-family residences. Provides that, 10 years after the effective date of the Act, applicable taxpayers other than hedge funds may not own more than 50 applicable single-family residences. Amends the Illinois Affordable Housing Act to make confirming changes. Effective immediately.

Actions 

Date	Chamber	Action
1/26/2024	Senate	Filed with Secretary by Sen. Laura Ellman
1/26/2024	Senate	First Reading
1/26/2024	Senate	Referred to Assignments
1/7/2025	Senate	Session Sine Die

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